Skip to Content
Blockchain

China is yet again clamping down on the cryptocurrency industry

August 28, 2018

Nearly a year after the government banned initial coin offerings and shut down domestic cryptocurrency exchanges, it is again tightening the screws on the industry.

The Great Firewall, extended to crypto: Censors have blocked a number of blockchain and cryptocurrency-focused accounts from WeChat, the popular social media service. WeChat, as well as online payment service Ant Financial, announced that it will restrict or ban cryptocurrency-related transactions. Authorities will block access to 124 websites operated by offshore cryptocurrency exchanges that had provided trading services to Chinese users, reports the South China Morning Post. And, according to other local reports, Baidu will restrict or ban cryptocurrency-related content on its Reddit-like discussion platform.

Canceled conferences: Financial regulators have instructed stores, hotels, and other businesses in downtown Beijing not to host cryptocurrency-related speeches, events, or activities.

But blockchains are fine: Despite all this, “many industry insiders” tell the Wall Street Journal that blockchain technology is still thriving in China. The government recognizes its long-term value, Jehan Chu, cofounder of a Hong Kong–based cryptocurrency investment firm, told the Journal. “Instead, they're trying to reform it and clean it up so they can roll it out in China the way they rolled out the internet, their own way with their own rules.” In other words, it’s not that the Chinese government doesn’t like blockchains—it just doesn’t like blockchains it can’t control.

Keep Reading

Most Popular

Geoffrey Hinton tells us why he’s now scared of the tech he helped build

“I have suddenly switched my views on whether these things are going to be more intelligent than us.”

Meet the people who use Notion to plan their whole lives

The workplace tool’s appeal extends far beyond organizing work projects. Many users find it’s just as useful for managing their free time.

Learning to code isn’t enough

Historically, learn-to-code efforts have provided opportunities for the few, but new efforts are aiming to be inclusive.

Deep learning pioneer Geoffrey Hinton has quit Google

Hinton will be speaking at EmTech Digital on Wednesday.

Stay connected

Illustration by Rose Wong

Get the latest updates from
MIT Technology Review

Discover special offers, top stories, upcoming events, and more.

Thank you for submitting your email!

Explore more newsletters

It looks like something went wrong.

We’re having trouble saving your preferences. Try refreshing this page and updating them one more time. If you continue to get this message, reach out to us at customer-service@technologyreview.com with a list of newsletters you’d like to receive.